Bitcoin surged to $120,000 as investors sought safe-haven assets, with analysts pointing to ETF inflows, seasonal strength, and a bullish market structure.
Bitcoin climbed to $120,000 on Thursday, marking its first return to the level since mid-August, as investors turned to the cryptocurrency during the US government shutdown. Advocates often describe Bitcoin as “digital gold,” and its rise coincided with a retreat in gold prices from record highs.
“For the first time in a while, the macro theme seems to have taken hold of Bitcoin,” said Karim Dandashy of Flowdesk, noting $1.5 billion in ETF inflows this week. The token has gained about 10% since Friday and extended its winning streak to six sessions, trading at $120,163 in New York. It last peaked at $124,514 on Aug. 14.
Other tokens also advanced: Solana rose 5.7%, Litecoin 6.7% and Dogecoin 4.7%. Coinbase shares jumped 7.8%, while MARA Holdings gained 2.1%.
FalconX’s David Lawant said Bitcoin’s market structure showed signs of a “coiled-spring” setup, with rallies likely to come in sharp bursts. Historically, October has been a strong month for the asset, earning the nickname “Uptober.”
Ryan Watkins of Syncracy Capital added: “September is usually weak for Bitcoin, but Q4 is historically the strongest quarter.”